Stay updated with breaking news from Tax Litigation. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Taxpayers watching the U.S. Supreme Court for the outcome of Moore v. U.S., No. 22-800, can do more than wait. As suggested in the firm's earlier alert (see here)...
The allure for landowners to enter into these agreements often stems from the potential for a federal income tax deduction.
Of the pending demands, Rs 3,500 crore will be waived, as per the Budget announcement on Feb 1, 2024.
The government will withdraw all outstanding income tax demands up to ₹25,000 for the period before FY10 and those up to ₹10,000 for the period between FY11 and FY14, finance minister Nirmala Sitharaman said. This move aims to reduce frivolous tax litigation and burden from the tax department. The decision will help close 11 million pending demands of income, wealth, and gift taxes, involving less than ₹3,500 crore.
Jonathan Black was interviewed for People in Tax section of ABA Tax Times Fall 2023 issue published on January 14, 2023.